Economics - Traditional Economy MCQ Test 3

1. How does currency function in traditional economies?

2. How are resources allocated in a traditional economy?

3. What is the primary focus of traditional economies?

4. What rare economic system involves the absence of a centralized government, allowing communities to govern themselves?

5. Which of the following is an example of a traditional economic practice?

6. Which unique economic model emphasizes the exchange of goods and services based on their environmental impact and ecological sustainability?

7. What is a potential disadvantage of a traditional economic system in a modern context?

8. What is a common occupation in traditional agricultural societies?

9. In which historical society did the Kula ring, a ceremonial exchange system, play a significant economic role?

10. How is innovation perceived in the context of traditional economies?

11. Which innovative economic concept suggests that a basic income should be provided to all citizens regardless of employment status?

12. What role do cultural ceremonies play in traditional economies?

13. Which exceptional economic system places importance on the equitable distribution of wealth, often involving voluntary redistribution?

14. Which factor plays a significant role in guiding economic activities in traditional economies?

15. How do traditional economies address the needs of vulnerable community members?

16. How does inheritance function in traditional economies?

17. Which unique economic system involves the distribution of wealth based on need rather than individual contributions?

18. What is a limitation of traditional economies regarding economic growth?

19. In which unconventional economic model is profit maximization considered secondary to social and environmental goals?

20. Innovative economic models like the Doughnut Economics framework aim to balance economic development with what other crucial factor?

21. In a traditional economy, how are economic decisions influenced?

22. In which unique economic model are workers also owners of the means of production, promoting equality and shared decision-making?

23. Which rare economic practice involves individuals voluntarily reducing their working hours to achieve a better work-life balance?

24. Which exceptional economic system places emphasis on the well-being of future generations, considering long-term sustainability?

25. What is a distinguishing feature of labor specialization in traditional economies?

26. In traditional economies, what primarily determines an individual's occupation?

27. How does resource allocation typically occur in a traditional economic system?

28. How does technology adoption differ in traditional economies compared to modern economies?

29. What is a typical attitude toward innovation and technology in traditional economic systems?

30. In a traditional economy, how are economic roles passed from one generation to the next?